Global equity indexes continue to power forward with strong gains.  The weakening U.S. dollar has been a significant reason why international returns are higher than the U.S. due to currency conversion.  The only area of the market that has struggled in 2025 has been small-cap U.S. equities, despite the fact that valuations are undemanding.  Companies are staying private longer and often come public as mid or even large-cap equities, depriving small-cap indexes from access to the most promising young companies.  

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